Motivation for Selling
Before deciding to place your home on the market, you must first explore your reason for selling. Selling a home is often much more emotional than buying one. Often the urge to sell could stem from a traumatic event such as a change in career or the lose of a loved one. It is as times like these that you need a professional voice of reason at your side to ensure that you are selling your home at the right time, at the right price. It might be much more conducive to sell your home in the summer when buyers with young families are moving into your highly sought after school district as an example.
If you jump into this decision without fully analyzing your motives, you could later regret selling. In a consultation with a real estate agent you can discuss the advantages and disadvantages of selling and discuss where your new home might be.
Partner with a Real Estate Agent
Your realtor will prepare a comprehensive marketing plan that outlines the advertising avenues they will take to ensure your home gets viewed by the right buyer. Your agent will prepare and present a comparative market analysis for you while providing tips on how to prepare your home for sale including beneficial repairs to be made before selling, home staging, and home pricing.
Find a Lender
First you will need to contact your existing lender to find out exactly how much you still owe on your property, if any.
It is at this time that you can discover what the current rates are on the market and compare offers from various financial institutions. Ask for real estate agent for a few referrals to mortgage brokers. A mortgage broker will often have more flexibility to discount rates and are generally viewed as a more competitive alternative to dealing directly with big banks.
Once you have found a loan officer whom you trust, get a mortgage pre approval letter to ensure a smooth transition once you have found your replacement home after selling
Sell Before Buying
The moment your home goes on the market, you might be tempted to start looking online at new listings. Don’t get carried away by beautiful photos and the virtual tours of your dream home- It is almost always more profitable and less stressful to sell first before buying.
Viewings and Accepting an Offer
Once your home starts to attract some attention, your real estate agent will schedule open houses and viewings to allow prospective buyers a glimpse into the interior of your home. Eventually when a buyer puts in an offer, your agent will help you access the offer to ensure it is beneficial and fair. It is important to trust your agent at this stage when they offer insights on selling conditions, home inspections, and acceptance dates. Your lawyer or notary will deal with the legal work and financial transactions, which will leave you free to being your search for your new home!